Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
EXPECT MORE
Do you you own a luxury house?
...if you do, you are in a strong place!
If you own a luxury house, you’re in a stronger spot than most sellers right now. While much of the market has cooled, the high-end tier hasn’t. Sale prices and buyer demand are both up. So, if you’re considering selling, now could be a great time to make your move.
Luxury Is Leading on Price
Let’s start with prices. So, what actually counts as a luxury home? Generally, these are homes in the top 5% price range for the area, so it varies depending on where you live.
But what’s interesting is that according to the latest data from Redfin, sale prices for luxury houses have risen about three times faster than for non-luxury.
Right now, the typical home’s sale price is up about 1.5% year-over-year. But high-end homes? Their sale prices have gone up nearly 5% since last year.
That’s a bigger deal than it sounds like.
Despite all the talk about slowing price growth lately, sale prices in this segment of the market may be rising faster than you’d expect based on the headlines. That’s going to be a good thing if you’re thinking about selling. And rising sale prices are only half the story.
Buyers Are Showing Up, Too
While so many headlines are talking about how buyers are pulling back, that’s not necessarily true when it comes to luxury homes. In fact, right now, it looks like the higher the price point, the more active the buyers.
Chief Economist with the National Association of Realtors (NAR), says;
“The luxury market has really performed better compared to the lower price point. . . if we look at price points, any home priced under $250,000, virtually no change in unit sales from one year ago. Then you go into the upper price category, and home sales are up about 10% from one year ago. But the million dollar-plus homes, it is up by 18% from one year ago.“
Basically, more homes are selling on the upper end of the market. A big reason is that high-end buyers tend to feel less of the affordability pressure weighing on many households today, so they keep buying even when the wider market slows. This can certainly be true in our Somerset Hills area, as well as surrounding areas.
That demand also means that luxury houses don’t stay on the market as long as they used to.
Luxury Houses Are Selling Relatively Quickly
According to the most recent data from Redfin, for luxury homes the median number of days on market is under 50. That’s much faster than pre-pandemic norms going even as far back as 2014 where the numbers came in around 100 days, to 82 days, in 2020.
That means you probably won’t spend a ton of time sitting on the market, wondering when you’ll get an offer.
Selling a high-end house is a big decision, and you deserve to feel confident going in. With sale prices climbing and buyers active at the top, this is a strong time now to make your move.
When you’re ready to cash in, connect with your trusted advisor Judy Sutton, about the local real estate market to talk strategy. I can help evaluate and advise you!
So much to think about! So much to consider!
Need help? Considering a change, or are you ready to sell? Call me. I can help!
“…the right relationship means everything…”
By incorporating my personal attention and guidance into the marketing strategy I aim to provide you with
an Exceptional Selling Experience and detailed negotiations
while ensuring that your property receives the exposure needed and terms of the contract met
to attract buyers from anywhere
LIVE. LIFE. LOVE. LOCAL.
Your Local Real Estate Connection
Get a positive, helpful partner for buying or selling your home:
Trusted resource for answers about the process
Innovative marketing strategies
Expertise about neighborhood features
Ability to target home searches
Strong negotiation skills
Support through the closing and beyond
Why would you settle for anything less?
Adding value for my clients and loving where we live!
Judy@JudithSutton.com
COLDWELL BANKER...GUIDING PEOPLE HOME SINCE 1906
908 803-0472
"...the right relationship means everything..."
SERVING THE SOMERSET HILLS AREA ONE CLIENT AT A TIME
Service & Experience
since 1983